Correct Bond Calculations in the United States Usually Involve Semiannual $\mathrm{P}=$

Correct bond calculations in the United States usually involve semiannual periods because bond interest is typically paid twice a year.
$\mathrm{P}=$$\sum_{t=1}^{n}$$\begin{array}{c}\mathrm{C}_{t} \\------- \\(1+y \operatorname{tm})^{t}\end{array}$ + $\begin{array}{c}\mathrm{FV} \\------- \\(1+y \operatorname{tm})^{n}\end{array}$

$\begin{array}{l}\text { where }\\\begin{array} { l l } \mathrm{P} & =\text { the current market price of the bond } \\n & =\text { the number of semiannual periods to maturity } \\\mathrm{ytm} & =\text { the semiannual yield to maturity to be solved for } \\\mathrm{c} & =\text { the semiannual coupon in dollars } \\\mathrm{FV} & =\text { the face value (maturity or par value) which in this discussion is always } \$ 1,000\end{array}\end{array}$
What does this formula imply about the term structure of interest rates?How would real-world bond investors price bonds to correct for this?